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An auction is a process of buying and selling goods or services based on bids. An item is sold to the highest amongst bidders. Or in the reverse auction, an item is purchased price off.
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Online Auction Internet auctions have become an important part of electronic commerce, global online auction market was valued at US$ 4071.9 Mn in 2019 and was anticipated to grow at a CAGR of 9.2% over the forecast period (2020 – 2028) before Covid caused faster growth. For example, eBay Inc. with a $40B market cap grew up 50% in 2020. Auctions done on the internet have specific timelines (opening and closing dates), and sometimes with fixed bid increments. Popular online auction sites include:
Live Auction Also called the live on-site auction, this type of auction is a physical gathering point with gavels, signs, and agents on the phone. Some hotels and convention halls are famous for hosting auctions, such as the New York Stock Exchange,